PayJoy is set to launch phone loan services in Kenya. FILE PHOTO | NMG
San-Franscisco based financial technology firm, PayJoy, is set
to launch phone loan services in Kenya in partnership with gadgets
distributor Allied Group to tap into the growing demand for smartphones.
The
fintech, started by ex-Google employees in 2015, will allow people to
access smartphone payment plans in mobile retail stores run by Allied
Mobile once its services are unveiled locally in the second quarter of
the year, PayJoy.
Allied Group will use PayJoy’s
Checkout, a paperless finance system for customers who are unbanked or
without access to formal credit. PayJoy last week launched in Tanzania
in partnership with Vodacom and Commercial Bank of Africa Ltd (CBA)
where customers are expected to apply for smartphone loans through
M-Pawa, an M-Pesa product.
“We look forward to bringing PayJoy’s next-generation solution
to Africa, and more importantly connecting the next billion. We feel
Allied Mobile is a fantastic partner considering their expertise as a
value-adding independent specialist distributor in mobile devices,” said
PayJoy chief executive Doug Ricket.
PayJoy said the
partnership aims at bridging the gap in internet adoption in Africa
where most people are not able to access internet through mobile phone
for lack of enabled gadgets.
Allied Group has retail outlets across 38 markets.
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